SunEdison, a wholly owned subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), has secured a $300 million credit facility.
Arranged by Deutsche Bank Securities, Inc. and Rabobank, the three-year project finance loan will be used to support the construction of utility and rooftop solar projects in North America.
According SunEdison, the financing is the largest of its kind ever issued for photovoltaic projects. In the aftermath of the recent bankruptcies of solar developers Solyndra LLC and Evergreen Solar Inc., and questions about the federal government backing loans for renewable energy projects, this is big news for the solar industry in the United States.
For SunEdison, it may just be business as usual. The company boasts an installed solar capacity of 330 MW and shows little signs of slowing its rapidly growing reach in the US and Canadian solar market. In August, MEMC acquired Fotowatio Renewable Ventures, Inc. (FRV U.S.), adding 41 MW of operational capacity and a project pipeline of 1.4 GW to SunEdison's portfolio.
This private financing news comes on the heels of two other major announcements in what is proving to be a busy week for the now California-based company.
The company has moved its headquarters. Joined by California Governor Jerry Brown, SunEdison officially opened the doors to its new global headquarters in Belmont, California on Monday.
Company President Carlos Domenech said the move from Beltsville, Maryland to the Silicon Valley gives SunEdison "access to a wider talent and companies that are motivated to solve the supply and demand challenges that electric power faces."
The company celebrated the opening day of its new headquarters with the announcement that Germany's KGAL GmbH & Co. had purchased 33 MW of solar photovoltaic (PV) systems for projects located in Italy and Spain.
Following the financing announcement, MEMC stocks were up nearly 7 percent to $6.00 in afternoon trading.
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